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QUESTION:
How
do entrepreneurs or business owners conduct market research?
ANSWER:
The
entrepreneur can embark on the market research himself or engage an external management
consultant or independent marketing research organization. Irrespective of who
does the research, some systematic procedures must followed thus:
i.
Definition of the Research Problem
The
objective of the research problems should be precisely stated. What information do I need generally about
the consumer, market and the product? What is the research going to achieve?
Which specific problems will the research assist in solving? These few questions
will help the researcher to have a clear idea of what he is set to
achieve. In some instances, these
questions may be asked to determine whether a problem exists despite the
increase in sales being recorded.
ii.
Decide on the practicability of
solving the problem
This
step necessitates close study of the significance of the problem. A preliminary investigation of available
materials bearing upon its solution and discussions among members of the
research staff company officials. Customers
and other persons in whom the entrepreneur has confidence. Once this job is completed, judgment can be
made as to the solvability of the problems and the costs involved.
iii.
Review and appraise secondary
materials available
If
the preliminary investigation referred to above results in a decision to go
ahead with the project, the next logical step is to assemble, analyze and appraise
all-important available information on the particular subject.
iv.
Planning the gathering of
primary materials
If
a review of available materials reveals that it is inadequate for the purposes
intended, a plan should be drawn up for securing data from primary
sources.
v.
Deciding on the sample
No
step in planning a survey is more important than deciding upon the sample to be
employed; that is, the number and kinds of people or the forms to be
covered. As practical matter, the
repetitiveness of the sample determines the validity of the conclusions and
thus the value of the entire investigation.
vi.
Actual Gathering of The
Materials
This
step refers to the method and devices employed to obtain the data desired. Broadly speaking, it involves decisions on
the procedures to be followed, the form of investigation to be used; that is,
for example mailed questionnaire or personal interviews or others.
vii.
Summarizing and analyzing data
When
the information has been collected, it should be summarized and analyzed. First of all, the forms upon which the information
is recorded should be edited to make sure that only those filled out properly are
used. When editing has been completed,
the data should be viewed to determine their adequacy and statistical
validity. Provided that these tests are
passed, usually the next step is tabulation.
If the forms are properly coded when the investigation is planned, this
task is relatively simple. Once the information
is tabulated, a careful analysis of it will usually lead to the preparation of
certain statically summaries, such as averages, frequencies and corrections of various
types.
viii.
Interpreting data and
formulating recommendations
It
is in connection with the interpretation of the information and the formulation
of recommendations that the real ability of the marketing research mean is tested. All recommendations should be subjected to
careful scrutiny and reappraisal before they are released. Only supportable conclusions, well founded in
facts, are acceptable.
ix.
Preparing the research report
Marketing
investigations typically culminate in a report which is presented to the
executives and which often recommends specific courses of actions. This report should present clearly the
results of the investigation and demonstrate conclusively the soundness of the
recommendations. To conserve top management’s time, many successful research men
make good use of a brief summary of their recommendations as well as important
facts and relationships revealed by the study.
x.
The
follow-up
The
market research director or the individual responsible for the recommendations should
be fully prepared to support his findings and recommendation and do what he can
to bring about their adoption (Osuala, 1998:138-140).
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